Provisions, Contingent Liabilities and Contingent Assets

Provision is recognized when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that the outflow of
resources will be required to settle the obligation and in respect of which reliable estimates can be made.

A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When
there is a possible obligation ora present obligation in respect of which the likelihood of outflow of resources is remote, no provision/ disclosure is
made. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets are not recognized in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjusted to
reflect the correct management estimates.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, usinga current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. Commitments include the amount of purchase order (net of advances) issued to partiesfor
completion of assets. Provisions, contingent liabilities, contingent assets and commitments are renewed at each balance sheet date.

2.14 Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial
institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current
liabilities in the balance sheet.

2.15 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average
number of equity shares outstanding during the period.

Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average
numberof equity shares considered for deriving basic earnings perequity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares.

2.16 Recent Accounting Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under Companies (Indian AccountingStandards).
Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable
from April 1, 2022, as below:

Ind AS 103 — Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities
assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian AccountingStandards
(Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the
requirements of Ind AS 103. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 16 — Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items
produced while the company is preparing the asset forits intended use. Instead, an entitywill recognise such sales proceeds and related cost in profitor
loss. The Company does not expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial
statements.

Ind AS 37 — Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that that the 'cost of fulfilling' a contract comprises the 'costs that relate directly to the contract'. Costs that relate directly to a
contractcan eitherbe incremental costs of fulfilling that contract (examples would be direct labour, materials) oran allocationof othercosts thatrelate
directly to fulfilling contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant
impact in its financial statements.

Ind AS 109 — Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includeswhen itapplies the '10 percent' testof Ind AS 109 in assessing whether to derecognise a financial
liability. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 116 — Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion
regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not
expect the amendment to have any significant impact in its financial statements.